The electronic design automation market will register a CAGR of almost 7% by 2023.

Growing SoC-based devices to gain traction in the market

The growing adoption of SoC is a current trend. It is a key factor driving the growth of the global EDA market. The growing adoption is because of the high demand for smart wearable devices (smart thermostats, smartwatches, fitness bands, and pet wearable devices) and the flourishing field of cloud computing and IoT.

Growing significance of EDA in electronic design process

The growing demand for electronic devices has significantly augmented the growth of the global semiconductor market. Semiconductors are used in all the devices, including smartphones, wearables, and emerging IoT devices. With the growing popularity of these devices, capital investments in the semiconductor industry have increased exponentially over the years.

Increased risk of cyberthreat

Despite high security measures, the IT infrastructure might be vulnerable to attacks by hackers or can be breached owing to employee error, or other commotions that could lead to unauthorized disclosure or loss of delicate information.